A new $25M investment fund for game developers
Cross-platform mobile messaging app maker Tango is making a show of nurturing games on its platform, announcing today that it has established a $25 million fund for investing in game developers and hired ex-Gree executive Jim Ying to serve as vice president of games publishing.
The news comes courtesy of GamesBeat
, which reports that Ying intends to establish an in-house game development group at Tango.
The $25 million (earmarked as the "Tango Global Games Fund") is being set aside from the company's recent $280 million round of funding
and will be used to entice developers to bring their games to Tango's platform, which will reportedly offer variable revenue share agreements based on how well a game has performed on other platforms.
Ying also told GamesBeat that he is considering using the money to acquire external developers/studios.
The company seems to be chasing the success of mobile messaging platforms like LINE, which recently filed for a $10 billion IPO
on the back of remarkable revenues -- 60 percent of which are generated by in-game purchases.